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Suzlon Energy hits 52-week high after winning a repeat order

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Suzlon Energy rose 4.39% to Rs 29.70 at 10:16 IST on BSE after the company said it has been awarded a 100.8 MW order by ReNew Wind Power, India's leading IPP in the wind energy sector.

The announcement was made during market hours today, 5 June 2014.

Meanwhile, the S&P BSE Sensex was down 128.45 points or 0.52% at 24,677.38.

On BSE, so far 47.76 lakh shares were traded in the counter as against average daily volume of 1 crore shares in the past two weeks.

The stock hit a high of Rs 29.85 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 28.85 so far during the day.

The project is scheduled for execution at the Bhesada wind site, Dist Jaisalmer, Rajasthan, Suzlon said in a statement.

As per the agreement, the Group will not only supply 48 units of its robust S97-120m WTGs but will also oversee operations, maintenance and service of the wind site over the contracted period, Suzlon said in a statement.

ReNew Wind Power Projects in Gujarat & Maharashtra are powered by Suzlon turbines. ReNew Wind Power currently deploys Suzlon WTGs for 100+ MW at their wind farms in Gujarat & Maharashtra and this will be the third successful order placed with Suzlon Group, the company said. This repeat order demonstrates the confidence its customers have with Suzlon's products and service capabilities, Suzlon said in a statement.

Tulsi Tanti, Chairman of Suzlon Energy said, "Leveraging on our leadership position within the country, we continue to have a strong focus on the Indian market as it offers a favourable renewable energy environment especially now with the new Government in place. We continue to create innovation and reliable products as with the S97-120m which is specifically made for low wind sites. Our mission is to make profitable and efficient wind energy accessible within the country".

Ishwar C Mangal, President - Sales & Marketing, Suzlon Energy said, "This order has added a fillip to our robust order book. ReNew wind power is a valued customer and we look forward to executing this order to further fortify our relationship. This order is indeed a reaffirmation of our capabilities that allow us to offer customized solutions for our customer's in accordance with market conditions".

Sumant Sinha, Chairman & CEO of ReNew Wind Power said, "This deal reinforces our commitment to developing sustainable energy solutions for India. Our partnership with Suzlon has added momentum to this mission".

Suzlon Energy reported a consolidated net loss of Rs 603.45 crore in Q4 March 2014, lower than net loss of Rs 1912.72 crore in Q4 March 2013. Net sales rose 53.7% to Rs 6580.96 crore in Q4 March 2014 over Q4 March 2013.

The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity and market share, at the end of 2013. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with over 24,000 MW of wind energy capacity installed, operations across over 31 countries and a workforce of over 10,000. The Group -headquartered at Suzlon One Earth in Pune, India -comprises Suzlon Energy and its subsidiaries, including Senvion SE.

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First Published: Thu, June 05 2014. 10:17 IST